A single trader short sold $13M in ETH, aggressively shorting since the rise from just above $1700. They just got liquidated on $12M of the position today after ETH passed $1953. After getting rekt, they actually increased leverage from 7x to 30x on remai

Leverage exists for two reasons.

1. To significantly multiply the trading fees of exchanges
2. To provide entertainment for the rest of us because they only did this to themselves

On GMX, there is a trader who has shorted ETH, and bafflingly has been shorting ETH all the way from its rapid climb from just above $1700 all the way to around $1963 today.

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https://preview.redd.it/h5gwk9fjjs9b1.jpg?1782&format=pjpg&auto=webp&s=38d8240c136ddb73661013fdd02187bd74b4fd4c

The trader had some smaller shorts on ETH since the previous weekend but started very aggressively shorting ETH during its sharp rise since last week Monday. They had about $2M in collateral and have and two open positions amounting 13M. There was 19x leverage position of 12M and a 7x position of nearly 1M. The vast majority of the funds were down 80% a few days ago and they still held without cutting their losses even thought ETH was merely $20 or so from climbing to their liquidation price.

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https://preview.redd.it/k0jumbhkjs9b1.png?1776&format=png&auto=webp&s=4a614654e6cf058866ae6b8a49521a063c3a7f0f

And of course today, they were liquidated on around $12M of the entire portfolio.

https://preview.redd.it/x2s5mvjkos9b1.png?614&format=png&auto=webp&s=c49634f5b0d54fe895de3561bd8fc14c43a0486d

Following this, the madlad actually increased their ETH shorts after being liquidated.

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https://preview.redd.it/q8ws1i6sos9b1.png?570&format=png&auto=webp&s=84ec3995a4a9dd0163d03c296ce8bebbfc643677

The current position is a 30X leveraged position and is set to be liquidated at $1999, something that looks to occur very soon.

https://preview.redd.it/3lmoltluos9b1.png?1491&format=png&auto=webp&s=25edab111c6b3aa929b75d5868ddedfa7d34e393